Botswana vs Rwanda
Crypto regulation comparison
Botswana
Rwanda
Legal
Restricted
Botswana passed the Virtual Assets Act in 2022, first African country to issue crypto licenses. NBFIRA supervises VASPs. 4 licensed entities as of 2024. Penalties up to P250,000 or 5 years imprisonment.
Rwanda is developing a comprehensive crypto regulatory framework. The NBR and Capital Markets Authority are drafting a law requiring VASPs to obtain CMA licenses. The draft law prohibits crypto as legal tender, bans mining and crypto ATMs, and imposes fines up to 30M RWF and imprisonment for unlicensed operators.
Tax Type
None
Tax Type
None
Tax Rate
N/A
Tax Rate
N/A
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
No
Regulator
Non-Bank Financial Institutions Regulatory Authority (NBFIRA)
Regulator
National Bank of Rwanda (NBR), Capital Markets Authority (CMA)
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
Draft law prohibits crypto as payment; mining and crypto ATMs banned
Key Points
- Virtual Assets Act enacted in 2022, effective Feb 22, 2022
- First African country to issue crypto licenses via NBFIRA
- 4 licensed VASPs as of December 2024
- Bank of Botswana assesses domestic crypto risks as minimal
- Unregistered crypto dealers face fines up to P250,000 or imprisonment
Key Points
- Draft law requires VASPs to obtain licenses from Capital Markets Authority
- Crypto prohibited as legal tender or payment method under draft law
- Crypto mining, crypto ATMs, and mixer/tumbler services banned
- Penalties include fines up to 30M RWF and up to 5 years imprisonment
- Framework driven by FATF compliance on AML requirements